Westfield Carindale has done well despite pandemic issues, occupancy was reported at 99 per cent. Image: Canva.
  • Funds from operations $12.9 million
  • Statutory profit $14.4 million
  • NTA $6.69 per unit

Yesterday, Carindale Property Trust (ASX: CDP) announced its half year results, with the company reporting $12.9 million in funds from operations as part of its highlights. The company also posted $14.4 million in statutory profit, up 16.6% on the previous corresponding period.

Trading for the company started at $4.50, gradually moving upward throughout the day, finishing at $4.65.

Distributions from CDP to be paid on 28 February 2022 for the six months ended 31 December 2021 was 12.50 cents per unit.

Movement Percentage HY22 HY21
Revenue up 4.9%  $26,261,000.00  $25,042,000.00
Profit attributable to members of the Trust up 34.5%  $14,058,000.00  $10,454,000.00
FFO attributable to members of the Trust up 16.6%  $12,908,000.00  $11,070,000.00
FFO per unit attributable to members of the Trust up 15.2% 18.22 cpu 15.81 cpu

CDP collected $30.1 million of cash, achieving a net operating cash flow of $15.9 million for the 6-month period, up 11.6% on the prior corresponding period.

Despite wider concerns about the retail space, Carindale seems to have weathered the storm, according to CDP CEO Peter Allen:

“These results are pleasing and reflect the underlying strength of Westfield Carindale and the initiatives we have undertaken in recent years… In the last two years we have upgraded and reformatted David Jones enabling us to introduce Kmart and other key brands our customers want,” said Mr Allen.

“Annual retail sales were $890 million, an increase of 6.0% compared to 2020, and in line with pre-pandemic levels. Westfield Carindale has seen strong demand for space,. with occupancy increasing to 99.0% at 31 December 2021.”

As of 31 December 2021, Westfield Carindale was valued at just over $1.5 billion, with CDP’s share worth $750.1 million.

Carindale’s NTA was $6.69 per unit and gearing was 35%.

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